All Loan Officers are NOT Created Equal. Great Discrepancies Exist

All Loan Officers are NOT Created Equal    

Great Discrepancies Exist  

     A post written by a fellow Originator from Connecticut inspired me to write this article ...
     

     In that post, they spoke of a client they were able to assist in saving some pretty hefty dollars.  How did they do this?

     They suggested they utilize their VA Loan benefits.  

     No other Originator had made that suggestion up to that point?  No other Originator had taken the time to do the necessary homework that they did?  That advice?  That one piece of advice will end-up savings the applicant hundreds of dollars each month.

     To me, their story is the perfect example of WHY it's so important for potential Borrowers to do some homework and digging on their own prior to choosing their mortgage originator.  Referrals are needed.  Questions need to be asked.  

     So what do you look for?  What are those questions?  

     Here are some to consider ...

• How long has the LO been in business?
• How local are they?  (How well will they know the area in which you hope to buy/refinance?)
• What lending/financial education do they have?
• What's their expertise?
• How many loans have they closed?
• What kind of mortgage programs do they offer?
• Do they take the time to explain financing options thoroughly?
• Do they have additional background knowledge and skills that can prove beneficial to their clients and referral partners?  (These days creativity and being able to think "out of the box" counts!)
• What are their communication skills?  (Face-to-face, online, texting, emails, phone, etc.?)
• What do past clients and referral partners say about them?
• How are their listening skills?  (Definitely an under-rated talent and benefit)
• What's their rate of close stat? (Think "batting average")
• What's their availability?  (How easily can you find them to ask questions or gain info?  Weekends?  Extended hours?)
• More ...

     The media likes to lump Mortgage Originators into one big bunch.  They're wrong to do so.

     Fact is:  All Mortgage Originators are NOT created equal.  Great discrepancies exist between them.  

     If you're in need of financing, you need to choose the individual Mortgage Originator you want to work with.  Not just the company.  Not just the interest rate.  Not just the mortgage program.  The individual you choose can and will make a difference in the success you find.

     Invest in yourself.  Invest the time.  Get the best and right New Lenox - Chicagoland Mortgage Originator for your needs ...

     *  Hoping to Buy or Refinance in New Lenox, the Greater Chicago - Chicagoland or WI area?  Contact me today!  I'll put my 40+ years of mortgage experience and expertise hard to work on your behalf.
     I'm easily found at:

Gene Mundt

Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI License #216987

American Portfolio Mortgage Corp.

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

www.genemundt.com

gmundt@goapmc.com

              

  

Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), 

DuPage County, the City of Chicago, Cook County, and elsewhere within IL and WI. 

Your Referrals are Greatly Appreciated!

     

              
     
       

     

      

     

Rule of Thumb Regarding Mortgages: Inquire and Get the Facts

      

Rule of Thumb Regarding Mortgages: 

Inquire and Get the Facts

      There's definitely been an upswing seen in the local Chicagoland housing market, as well as many other markets across the U.S.   All good news.

     But the positive that's spoken loudest to me as a Mortgage Lender has been the "shape" and level of "approvability" of many of my most recent mortgage applicants.  Many have been better off than they initially thought and represented themselves as.

     What do I mean by this?

     Simply put, during their mortgage search ... and throughout their actual mortgage process, they've found:

• They were in a better financial position to obtain a mortgage than they'd believed previous to our talking
• They've been pleasantly surprised at the number of mortgage program choices available to them
• The Interest Rates attached to their mortgage program choices have been very favorable 

  
     My experiences during this time period were confirmed as I read an article on themreport.com today.  Freddie Mac and RealtyTrac have been noting much the same thing as I have.  

      Subsequently, both have stressed the importance of potential Buyers and Borrowers taking the time to inquire about their financing options and capabilities.  Presently, too many potentially successful Buyers and Borrowers are making assumptions that are unfounded and untrue.  And its keeping them from taking action.  

     This is an issue I've raised in my own previous posts.  These assumptions are continuing to cause un-needed continued financial hardships ... or stopping too many from considering a housing move.
     

     My rule of thumb is simple.  Should you hope to:

• Become a First-Time Homebuyer
• Sell your present home and Buy a new home
• Discover if you could be saving money on your present Mortgage
• Have a HELOC coming due soon
• Have other questions regarding Mortgage financing

     Contact me.  Ask questions!  Get the facts as they pertain to your personal finances and financing options.  Quit assuming you know the answers or outcome ...

     Fact is, you may have more and better options available to you then you think ...

     
     *  Hoping to Buy, Build, or Refinance a home in New Lenox, Will County, or the Greater Chicagoland area?  Contact me today.  I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

              

             

Gene Mundt, Mortgage Lender, a Lender with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  

The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL. 

Your Referrals are Greatly Appreciated!

     

     
     
      

Mortgages: The Importance of Response Time

     

Mortgages: The Importance of Response Time 

     I have clients that are in the midst of their mortgage process.  I've been trying to get ahold of them for days, but haven't had much luck.
     

     Early yesterday, I'd contacted them yet again, this time letting them know that the interest rate they'd hoped to secure was now available.  

     I felt we had to act fast.  Government reports from last Friday have interest rates experiencing mood swings.    

     I heard nothing back throughout the day.  So when I saw a text from them finally roll-in late last night, I was a bit frustrated.  Even more so when I read their message.  

     They'd been online and had seen a low interest rate posted on another lender's website.  The mortgage program attached to the interest rate they'd seen will not fit their needs.  And their financial scenario won't allow for use of it either.  Time had been wasted.

     Unfortunately, interest rates don't stick around long.  They can tick up and tick down quickly.  Buyers that are marginally "approvable" can be especially sensitive to these rate movements.

     Think about it this way ...


     You've headed out with a "to do" list of errands.  One chore is you need gas.  You decide to do that last on the way home. 

     You drive by the gas station on your way to the store noting the price of gas.  You return to the pumps minutes later only to find the price has jumped during that short period of time.  Frustrating, to say the least.

     Note:  Interest rates can change that quickly too ... 

     There's a whole lot of attention given to the importance of "response time" as it pertains to professionals and service.  Home Buyers need to understand that their response time is important too.  That the time they take to respond to communications and requests can play a huge part in the success they find.

     Time will tell if my clients are able to secure and lock-in the advantageous interest rate available to them yesterday. I'm hoping so ...

     *  Looking to Buy, Build, or Refinance a home in New Lenox, Will County, or the greater Chicagoland area?  Contact me today!  I'll put my years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

              

             

Gene Mundt, Mortgage Lender, a Lender with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL. 

Referrals are Welcomed!

   

       

The Millennial's Guide to Establishing Credit

     

The Millennial's Guide to Establishing Credit

       

     One of the issues I hear raised most often regarding Millennials surrounds the topic of credit cards.  It's often reported that they have an aversion to them ...

     I'd have to say that's backed up by my experiences as a LO  too.  It's no longer that rare to talk to a Millennial-age hopeful home buyer that has no credit card.

     Given the recent financial crisis we passed through, I get the reasoning and sentiment behind their avoidance of debt.  If you don't have credit cards, you're not as likely to buy things you can't afford.

     Where this becomes problematic though, is when Millennials want to buy a home.  Simply put ... you have to have debt in order to apply and be approved for more.   Seemingly defies logic, doesn't it?

     But Mortgage Underwriters are looking for proof ... a documentable history or "track record" of how an Applicant handles debt.  It's part of the "litmus test" used during Mortgage Approval. 

     Don't have credit cards?  An Underwriter has little to base an opinion on regarding your credit-worthiness or how good a financial risk you might be.  

     You're much like a rookie major league hitter stepping-up to the plate for the first time in the big leagues.  Your batting average looks like a bunch of goose eggs.  

     No "at bats". No hits. No runs.  And no one knows if you'll whiff ... or hit home runs.

     So, if you're a Millennial (or anyone else) that's hoping to buy a home, yet you currently have no established credit or credit cards ... what do you do?  

Here's my advice:

• Try to Remember:  Credit Cards don't have to be evil, bad things.  When utilized properly and with restraint, they actually do you good and boost your Credit Scores
• Establish credit.  Open a functional department store account or gas card.  Use it, pay it off monthly.  Or IF you do retain any balance on that card, keep it under 30% of the AVAILABLE CREDIT LIMIT (10% or less is actually ideal).
• If your present credit (or lack thereof) keeps you from being approved for such a card:  Establish a SECURED line of credit with a company that allows that.  The bank where you keep your savings and checking account is a great option. When establishing this type of card, you essentially "pledge" an amount ($500 - $1,000), then repay the bank or credit company over 12 regular installments to pay that amount off.

     Lastly, if unsure as to how to proceed, reach out to me (your LO).  I'll answer your questions and assist you in positioning your credit history and profile.  That way you'll meet your goals and establish the necessary credit to obtain financing for your first home.  

   
     *  Hoping to Buy or Refinance a home or Investment Property in New Lenox - Will County -  Greater Chicagoland - IL/WI?  
Contact me today!  I'll put my 40 years of Mortgage experience and expertise hard to work on your behalf.
     I'm easily found at:

Gene Mundt

Mortgage Originator  -  NMLS #216987  -  IL Lic. #031.0006220  -  WI Licensed #216987

American Portfolio Mortgage Corp.

NMLS #175656

Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

              

   

Gene Mundt, Mortgage Originator, an Originator with 40 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago 
and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, 
(New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, 
Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, 
the City of Chicago, Cook County, and elsewhere in IL & WI. 

Referrals are Welcomed and Appreciated!